XM Review 2024 Pros and Cons

XM is a large Forex Broker started its activity in 2009 and so far operates clients from over 196 countries with a support staff speaking in 30 languages and is among the most trusted Regulated Brokers with good trading conditions and offering overall.

KEY TAKEAWAY

・Low minimum Deposit ・Low stock CFD and withdrawal fees ・Over 1,000 trading instruments ・Easy and fast account opening ・Around the clock support for 5 days a week in more than 30 languages

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Why trade with XM？

Maximum leverage is 1:1,000	Average execution ratio is 99.98%	Negative balance protection
Deposit/Withdrawal within 24h	24h multiple language support	100% segregated custody

Summary of XM Company

XM is a product of Tradexfin Limited that is regulated by the Financial Services Authority（FSA）and located in Cyprus. The broker offers high-leverage trading on FX, Commodities, Equity Indices, Precious Metals, and Energies.

XMTrading offers a range of cutting-edge platforms – MT4, MT5, and XM Web Trader – to ensure diverse options and multi-feature trading conditions available for each and every customer. XMTrading is driven by a team of experts with vast experience and strong knowledge of the financial industry.

XM Pros and Cons

Pros

Pros

・High leverage up to 1000:1 ・Low minimum Deposit ・Low stock CFD and withdrawal fees ・Over 1,000 trading instruments ・Easy and fast account opening ・Around the clock support for 5 days a week in more than 30 languages ・No commissions

Cons

Cons

・Standard account spreads are expensive compared to industry leaders

Trading Conditions for XM Users

Trading conditions of XM Broker are ideal for both novice traders and professionals.
There are loyal minimum deposit requirements, leverage as provided by requirements of the European regulators.

Trading Conditions
Account currency	USD, EUR, JPY
Minimum deposit	5 USD
Leverage	1:1000
Spread	From 0 p
Instruments	Forex, Commodities, Equity, Indices, Precious Metals, Energies
Margin Call / Stop Out	50/20%
Trading platform	MT4, MT5, Webtrader, Mobile platforms
Accounts	Micro, Standard, Zero
Replenishment／Withdrawal	Wire Transfer, Credit Card, e-wallets
Min Order	0,01
Liquidity provider	No
Orders execution	Market execution
Trading features	No
Contests and bonuses	No

Account Types and Features

Standard Account

Standard account offers trading with up to 1:1,000 leverage and Bonus.
That features are ideal for the wide range of traders.

XM Shares Account

XM Shares Account is specialized in stock trading where you can trade US, German and UK individual shares. Leverages are not available.

XM Ultra Low Account Standard

XM Ultra Low Standard Account is designed for beginner traders with features of max. 1:1,000 leverage and low spreads, and moreover, free of charge.

XM Ultra Low Account Micro

XM Ultra Low Account Micro allows you to trade from minimum 10 lots and lower spread, suitable for new traders with low risks.

	Standard Account	Micro Account	XM Shares Account
Placing Orders	No human intervention OTC
Type of spread	Variable spread
Base Currency Options	USD, EUR, GBP, JPY, CHF, ‎AUD, HUF, PLN,RUB, SGD, ZAR		USD
Maximum Leverage	1:1,000		No Leverage
Minimum Deposit	$5.00 (or equivalent)		$10,000.00 (or equivalent)
Stop-out level	20%
Negative balance protection	Applicable
Bonus	Applicable		N/A
Contract Size	1 Lot = 100,000	1 Lot = 1,000	1 share
Minimum trade volume	0.01 Lots	0.1 Lots	1 Lot
Lot restriction per ticket	50 Lots (10,000 Lots)	100 Lots (20,000 Lots)	Depending on each share
Instruments	FX：57 CFD/Stock：1261 (MT5 Only) FX/Precious Metals：4 CFD/Equity Indices：24 CFD/Commodities：8 CFD/Energies：5 CFD/Cryptocurrencies：31		Shares：100
Trading Hours	Summer Time：Monday – Friday: 00:05 – 23:50（GMT+3） Winter Time：Monday – Friday: 00:05 – 23:50（GMT+2）
Minimum Price Fluctuation	0.001/0.00001
Commission	N/A		Applicable
Account Maintenance Fee	N/A
Additional Account	Possible
Time Difference	【MT4/MT5】 Summer Time：GMT+3, Winter Time ：GMT+2

Leverage

The highest leverage option available would depend both on the account type and the amount of funds in the account.

On Standard and Zero accounts, the maximum leverage cap of up to 1:1000 is available with an account balance between $5 and $2,000. Anything between $20,000 and $100,000 qualifies for leverage of up to 1:200.

Anything over that amount would only qualify for leverage as high as 1:100.

Flexible Leverage from 1:1 up to 1:1000.
Options differ on Zero accounts, with the maximum leverage cap of 1:500 available with an account balance between $100 and $20,000, a leverage of 1:200 available on balances between $20,001 and $100,000, and a leverage of up to 1:100 available on any amount that tops $100,000.

Spreads

Spreads on all majors start as low as 1 pip on Standard and Micro accounts and are from 0 pips on Zero accounts. These options are obviously advantageous, but we were also concerned about the typical spreads on other instruments.

While the website does not mention these specifically, it is possible to compare the average spreads under the ‘Trading’ category on the website. Since spreads can vary so widely on all assets and account types, we would definitely recommend taking a look at this section yourself.

Bonuses & Promotions

Currently, the broker is offering a few different opportunities in this category.
There’s a $30 Trading Bonus, a 50% + 20% Deposit Bonus, a Loyalty Program, Free VPS Services, and Zero Fees on Deposits & Withdrawals.

Trading Bonus（No-Deposit Bonus）

The broker offers a $30 non-withdrawable credit to any clients that open a real account.
The promotion makes it possible for said client to open an account and test the broker’s products and services with no initial deposit. Any profits earned are fully withdrawable.

50% +20% Deposit Bonus （Micro and Standard Accounts）

This is a two-tier bonus that can earn traders a maximum of $5,000.
The first tier applies a bonus of up to 50% on deposits of $5 or more.
The second tier is applied to deposits of $2,000 or more.
Profits can be withdrawn but doing so may result in partial removal of bonus funds.

Loyalty Program （Micro and Standard Accounts）

All account holders begin at the Executive level and work their way up with trading activity.
With each loyalty status upgrade, the amount of points that are earned increases.

The more points one has, the more they will be able to redeem for credit rewards.
Executive level earns 7 points per lot, Gold earns 10 per lot, Diamond earns 13 points per lot, and Elite earns 16 points per lot.

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Platform

One of this broker’s advantages would be the inclusion of the two most popular trading platforms on the market – MetaTrader 4 and MetaTrader 5.
You’ll be able to trade on either platform with no requotes or rejections.

MT5 offers many of the same advantages, however, traders would have access to FX, Gold, Oil, and Equity Indices through this platform.
Both MT4 and MT5 are available on PC, Mac, and Mobile devices.

Trade Sizes

On MT5, the minimum trade size on the Micro account is 0.1 lots.
On MT4, the minimum trade size is 0.01 lots, otherwise known as one micro lot, on the Micro account and both of the other account types.

All accounts allow for 200 open and pending positions at one time.
The Micro account has a lot restriction per ticket of 100 lots, while the other account types have a restriction of 50 lots. The maximum trade size on Precious Metals is 50 lots.

The margin in your trading account needs to be equal or above 100% in order for you to open new trades unless the new trades will result in your account being fully hedged.

As soon as the margin level drops below 50% the broker will provide a warning that you do not have enough equity to support open positions.
The stop-out level is reached when the client falls 20% below the required margin.

Trading Costs

This broker profits through commissions, spreads, swaps, and inactivity fees.
Micro and Standard account holders will not have to pay any commissions.

The commission on the Zero account is $5 per $100,000 traded.
The commission fee for the MT4 platform is deducted from the transaction for both positions at once (opening and closing), and the commission on the MT5 platform is deducted from the account separately during the opening and closing of the position.

Positions held open overnight may be charged rollover interest.
In the case of forex instruments, the amount credited or charged depends on both the position taken  and the rate differentials between the two currencies traded.

In the case of stocks and stock indices, the amount credited or charged depends on whether a short or a long position has been taken.

Rollover interest is only applied to cash instruments.
In the case of futures products, which have an expiry date, there are no overnight charges.

Any account that is dormant for 90 calendar days will be considered inactive and a monthly $5 fee will be charged.

Assets

Earlier, we mentioned that certain asset classes are available on each platform, so we will quickly recap.

If you’ve chosen MT4, you’ll have access to FX, CFDs, and Futures. Meanwhile, trading on MT5 grants access to FX, Oil, Gold, and Equity Indices.

Those FX options are shared by all accounts and include more than 55 currency pairs, including majors, minors, crosses, and exotics. Commodities are made up of Cocoa, Coffee, Corn, Cotton, High-Grade Copper, US Soybeans, Sugar, and Wheat.

Equity indices include 18 options. Precious Metals include Gold, Silver, Platinum, and Pallidum.
Note that options are limited to Gold and Silver on Micro accounts. Five Energies are available, including Brent Crude Oil, Natural Gas, and more. All of the available instruments can be viewed under the ‘Trading’ section of the website.

Minimum Deposit

The Micro and Standard account types allow traders to open an account with as little as $5. Traders may want to deposit a larger amount in order to gain more bonus credit and to be able to support more trading activity, however, this amount is excellent for beginners and it also provides the ability to test out some of the available funding methods before making a larger deposit.

The Zero account type is also offering a low deposit requirement of $100.
Fortunately, traders should be able to open any of the available accounts with this broker without being restricted based on capital.

If you’re on the fence about making a deposit, you could also take advantage of this brokers $30 Trading Bonus promotion, which allows one to open an account without making an initial deposit.

Deposit Methods & Costs

We found the FAQ to be vague when it comes to the available funding methods.
While the broker did mention that they support multiple cards, electronic payment methods, Bank Wire Transfer, and other methods, we felt that the broker should understand how important it is to list these options in detail.

After opening an account, we found the options to be much more limited than they were initially made out to be, with options being limited to Visa, MasterCard, SticPay, and Wire Transfer. Aside from Wire Transfer, all deposits are processed instantly. No fees are charged on the broker’s behalf on incoming deposits.

Withdrawal Methods & Costs

Funds are processed back to the originating payment source as refunds. Any profits on Visa or MasterCard withdrawals must be processed back via Wire Transfer.

The broker offers fee-free withdrawals on all methods and covers banking fees on Wire Transfer withdrawals of $200 or more.If you withdraw any amount lower than $200, you’ll be charged by the company’s bank.

While the broker does not detail how much the charge would be, one could expect to see a charge anywhere from $25 to $50 dollars.

Withdrawal Processing & Wait Time

This broker processes withdrawal requests within 24 hours. SticPay withdrawals are received the same business day. It typically takes 2-5 business days to receive card withdrawals.

The wait time for Wire Transfer withdrawals depends on the client’s country.
Standard wire within Europe should be received within 3 business days, while it can take up to 5 business days to receive wires back to some locations.

How to open XM trading accounts

1. Register online and Open an account
    You must choose an account type in this process.

2. Login to XM’s client portal and Submit a copy of ID and Proof of address.

3. Make a deposit through Bank wire transfer, Online wallet or credit/debit cards.
　Instead of making a deposit, you can also start trading by receiving $30 No Deposit Bonus.

4. Login to XM’s MT4 or MT5 platform and start trading.

Customer Service

Support is available 24 hours a day, five days a week via LiveChat or email.
It could also be worth taking a moment to check the website’s FAQ since many frequently asked questions about accounts and funding are answered there.

Registration address	12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus
Official site	https://www.xm.com
Contacts	Email：support@xm.com Phone：+357 25029933 (CY), +612 8607 8385 (AU) +501 223-6696 (BZ)

Conclusion

XM is an FX and CFD broker that offers high-leverage trading from three different account types on the MetaTrader 4 and 5 platforms.

This broker is highly affordable and the most expensive account only requires a deposit of $100. Trading costs can be advantageous, with spreads starting from between 0 and 1 pips on all account types and commissions are only charged on Zero accounts.

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